Climate-Controlled Flex
New
For Sale
$599,000
2611 E 6th St, Panama City, FL 32401
Commercial Sale, Panama City, FL
Property Size5,000 SF
Lot Size0.49 Acres
Price / SF$119.80
Days on Market2
Property Features for 2611 E 6th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial, Light Industrial, Mixed Use
Accessibility
Accessible Approach with Ramp
Subdivision
No Named Subdivision
Lot features
Aerials Available, Level
Directions
From Panama City Beach, take Bus US-98 to N east Ave, then left onto E 6th St. Destination on the corner on the right.
Standard status
Active
APN
22261000000
Size
5,000 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Description
10 4S 14W-30-81A BEG 25' W & 592' S OF NE COR OF SEC 10 TH S 130.5' W 113.5' N 130' E 113.5' TO BEG LESS TO HWY ORB 4228 P 655
Legal Description
10 4S 14W-30-81A BEG 25' W & 592' S OF NE COR OF SEC 10 TH S 130.5' W 113.5' N 130' E 113.5' TO BEG LESS TO HWY ORB 4228 P 655
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Multi Units, Central Air
Water source
Public
Building Details
Year built
2005
Building materials
Clearance Height 18+ Ft, Steel Frame
Roof type
Metal
Listing Agency:
The Joe Real Estate Partners
(615) 593-9669
Listed By:
Eeman Heisler · License #395295
(678) 521-0956
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 2:06AM
MLS# 329481
Copyright © 2026 Forgotten Coast Realtor Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,000-square-foot flex facility occupies 0.49 acres and was built in 2005 with a steel frame and metal roof. The climate-controlled interior features spray foam insulation, epoxy-coated concrete flooring, LED lighting, a dedicated office, kitchen, and additional storage. A 14-foot front sliding door supports vehicle and equipment access, while the concrete slab foundation is suited to commercial loads. The property is served by 3-phase power, central air, multiple cooling units, central heating, public water, and public sewer.
Located in Panama City, the facility is less than a mile from Watson Bayou and the Millville boat launch. The site includes a minimum of 5 dedicated exterior parking spaces. A 12-foot by 40-foot portable building and an adjacent land lot are also identified as separate purchase options.
Located in Panama City, the facility is less than a mile from Watson Bayou and the Millville boat launch. The site includes a minimum of 5 dedicated exterior parking spaces. A 12-foot by 40-foot portable building and an adjacent land lot are also identified as separate purchase options.
Key Highlights
- 5,000 SF climate‑controlled flex facility on 0.49 acres
- Steel‑frame building constructed in 2005 with metal roofing
- 3‑phase power, spray foam insulation, LED lighting, and epoxy‑coated concrete floors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$46,644
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$932,880
$932.9K
Cap Rate 7%
$666,343
$666.3K
Cap Rate 9%
$518,267
$518.3K
Market Conditions
NOI Build-Up for 5,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$78.0K $15.60/SF
− Vacancy
−$6.2K −$1.25/SF
EGI
$71.8K $14.35/SF
− OpEx
−$25.1K −$5.02/SF
NOI
$46.6K $9.33/SF
Area
Walton County, FL
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$932,880
Cap Rate 7%
$666,343
Cap Rate 9%
$518,267
Alternative Uses
Best Use
Flex RnD
$666.3K
$583.1K – $777.4K
NOI $46,644 @ 7.0% cap · market cap 7.79%
Second Best
Warehouse
$614.2K
$537.4K – $716.6K
NOI $42,995 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,020 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32401, FL
20,487
Population
10,239
Households
2
Avg Household Size
42
Median Age
20%
College-Educated
86%
High-School Grad
12.5 sq mi
ZIP Area
1,639
Density / Sq Mi
$49,901
Median Household Income
$35,885
Median Earnings
$1,194
Median Rent
$207,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Insulated steel construction with commercial power, vehicle access, office support areas, and dedicated on-site parking.
Where is this flex space located?
The property is located at 2611 E 6th St Panama City, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 5,000 SF climate‑controlled flex facility on 0.49 acres; Steel‑frame building constructed in 2005 with metal roofing; 3‑phase power, spray foam insulation, LED lighting, and epoxy‑coated concrete floors
